Quest International Resource Corporation Company Update
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 10, 1999--Quest Intl Res(TSE:QIX - news) The directors of the Company are pleased to announce that the following resolutions were passed at the Company's annual general meeting May 3, 1999:
- the consolidation of the Company's share capital on a five for one basis
- a change of name form Quest International Resources Corporation to Standard Mining Corporation
- the election of Paul Saxton, Thomas Menning, James O'Rourke, John Hernstat and William Meyer as directos
These changes will facilitate the finalization of a prospectus to raise funds to carry on work at the company's Zopilote property in Honduras. The consolidation and name change will become effective upon regulatory approval.
The Zopilote property is located approximately 30 minutes from the city of San Pedro Sula. It is also located only 25 kilometers from Geomaque's Vueltas del Rio property, now under construction as a gold heap leach operation. The Zopilote property is a low- grade epithermal gold deposit with a current resource of 446,000 ounces of which approximately one third of these are oxide, near surface. The ores are amenable to cyanidation. There is an excellent potential to expand this resource to a 1 million plus ounces. Very limited drilling has been carried out on the property. The proposed exploration program will be directed at increasing the resource base. Management believes that this property could be placed into production very quickly as soon as enough oxide ore has been outlined.
Management believes that the changes approved will help the company move towards completion of the work that needs to be done to turn it into producer of minerals sooner rather than later.
The Toronto Stock Exchange has Neither Approved Nor Disapproved of the Contents of This Press Release.
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Contact:
Quest International Resources Corporation
Paul F. Saxton, 604/689-0489
604/681-5910 (FAX)
Website: www.questintl-resources.com
or
Quest International Resources Corporation
Tom Menning, 604/689-0489
604/681-5910 (FAX)
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